Lululemon Athletica Inc LULU
Q4 2011 Earnings Call Transcript

Transcript Call Date 03/22/2012

Operator: Good day, ladies and gentlemen, and welcome to the lululemon athletica Q4 2011 Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, today's conference call is being recorded.

I would now like to introduce your host for today's conference call, (Ms. Teresa). You may begin.

Teresa - IR: Okay. Thanks. Good morning, everybody. Thanks for joining us on the fourth quarter and fiscal 2011 conference call. A copy of today's press release is available in the Investor Relations section of lululemon's website at or furnished on Form 8-K with the SEC and available on the Commission's website at

Shortly after we end this morning, a recording of today's call will be available as a replay for 30 days in the Investor Relations' section of the Company's website.

Hosting our call today is Christine Day, the Company's CEO; and John Currie, the Company's CFO. Sheree Waterson, our Chief Product Officer will also be available during the Q&A portion of the call.

We would like to remind everyone of course that statements contained on this call which are not historical facts may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results might differ materially from those projected in such statements due to a number of risks and uncertainties, all of which are described in Company's filings with the SEC. Also for today's call we've got a limit of one hour, so when we get back to the Q&A, please limit yourself to one question at a time to give others the opportunity to also have their questions addressed.

With that, I'll turn it over to Christine Day.

Christine Day - CEO: Thank you. Good morning everyone, and thank you for joining us today to discuss our fourth quarter results. By now you will have seen the headline of our release, celebrating the Cool Revenue Milestone Starting with 'B' and ending with Nine Zeros. We are proud of achieving this important milestone as a company, but far more important than the number itself are the belief, values, culture, and people that achieved and our guests that value our products and our guest experience.

Our success now and in the future is based on culture of high performance and leadership development. We find the right talent, empower our employees, teach personal accountability and judgment, and share our business strategy at every level across the business to ensure that we engage our employees and give them a sense of purpose. So, when we achieve these kind of results, we know that it is the entire team that we have to thank.

The goals we've said for 2011 were to grow same-store sales out up to 30 high productivity new stores, evolve our e-commerce to a hybrid model, balance our inventory to meet demand, build the foundation to support the continued growth and to deliver innovative product. Our focus on execution delivered strong results for each of these objectives. We added 37 stores, and increased comparable-store sales by 20% for the year, resulting in a record $2,004 in sales per square foot for all our retail business.

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